Greater Seminole County Real Estate Report 7-1-20: Florida’s median home price continues to rise as we enter the summer months. What does this mean for sellers looking to put their home on the market and buyers ready to purchase?
Median Home Price Continue to Increase
The median home price represents the mid-point for all homes sold during the specified time period. Why is this statistic important to buyers and sellers and how does the median home price look in Seminole County?
Why Should You Know the Median Home Price?
If you plan on entering the housing market as either a buyer or a seller, you will want to know this figure. The trend of the median home price will tell you the state of the market.
If there is a downward trend, it means it is currently a buyer’s market. This indicates that sellers are reducing home prices in order to be competitive in a “cold” market. Buyers tend to have more bargaining power in this situation.
If this number shows an upward trend, then you are in a “hot” market or a seller’s market. This means that sellers most likely have the upper hand and homes will sell quickly.
What Do the Numbers Say?
According to the Orlando Regional REALTOR Association, the median price of homes increased by nearly 7% to $259,900 compared to the median price of May 2019 which was $243,000. Orlando, including Seminole County, is seeing an upward trend in this area. This means that it is a seller’s market and correctly priced homes are moving quickly.
The Orlando housing affordability index for May is 138.37% which is an increase from 136.60% in April. An affordability index over 100% means that median-income earners have an income that is higher than necessary to qualify to borrow money for a median-priced home.
Where to Turn When You Get Ready to Buy or Sell
When it comes to buying or selling your home, partnering with an experienced realtor will give you an advantage and make the process an enjoyable experience. Gitta Sells has over 30 years of experience in the real estate industry and will walk you through every step of the process. Feel free to contact me with any questions you may have at firstname.lastname@example.org or 407-330-2181. Until next week, stay safe!